U.S. appeals court revives aluminum antitrust cases vs Goldman, JPMorgan, Glencore

[Eugene]

Source: Reuters

BUSINESS NEWS AUGUST 27, 2019 / 12:42 PM / UPDATED AN HOUR AGO

U.S. appeals court revives aluminum antitrust cases vs Goldman, JPMorgan, Glencore

Jonathan Stempel
3 MIN READ

NEW YORK (Reuters) - A federal appeals court on Tuesday revived lawsuits by aluminum purchasers that accused Goldman Sachs (GS.N), JPMorgan Chase (JPM.N), mining company Glencore (GLEN.L) and other companies of conspiring to drive up prices for the metal by reducing supply.

In a 3-0 decision, the 2nd U.S. Circuit Court of Appeals in Manhattan said a federal judge erred in dismissing antitrust claims by “direct” purchasers of aluminum such as Novelis, and by other purchasers including Eastman Kodak (KODK.N), Fujifilm (4901.T) and Reynolds Consumer Products.

Purchasers accused banks and commodity trading, mining and metals warehousing companies of conspiring to hoard aluminum inventory earlier this decade, after prices had declined because industrial activity fell during the global financial crisis.

The purchasers said the alleged conspiracy led to delays in processing orders and higher storage costs, ultimately inflating the cost to produce cabinets, flashlights, soft drink cans, strollers and other goods containing aluminum.

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Read more: https://www.reuters.com/article/us-aluminum-antitrust/u-s-appeals-court-revives-aluminum-antitrust-cases-vs-goldman-jpmorgan-glencore-idUSKCN1VH1YH

[empedocles]

1. The 'process' grinds on. Good!

[Hotler]

2. I think those fuckers had warehouses stuffed with ingots.

And just sitting on it.

[Farmer-Rick]

3. Capitalism encourages breaking the law.

If you can break the law and make a lot of money, then you can influence the political system to make your kind of crime legal.

Surprised the circuit court ruled against them. They need to learn how to bribe appropiately. They could use some lessons from the little man in Russia and the mad king in the white house.